Myanmar gold price soars to K1.66 mln per tical tracking global cues

The price of precious yellow metal touched a high of K1,660,500 per tical (0.578 ounces, or 0.016 kilogrammes) in the domestic market following the gain in the international gold market, according to Yangon Region Gold Entrepreneurs Association (YGEA). The global gold price stood at only US$1,740 per ounce in the previous days and dramatically rose to $1,804 per ounce on 24 August. Additionally, Kyat is depreciating in the local forex market, which is another cause of price gain in the domestic gold market. The US dollar exchange rate is worth above K1,700. Despite the domestic gold staying in the upward trend, the market is pretty sluggish, according to YGEA. Earlier, about 50 viss (a viss equals 1.6kg) were daily traded.

At present, the market sees sales of only 5-10 visses. On 12 May, the gold hit an all-time high of K1,709,000 per tical in history. In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March).

The price has registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an alltime highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May. The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). Last month, it fluctuated between K1,562,300 (26 Jul) and K1,587,000 (K1,587,000), the gold traders said. According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September).

In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

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